Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Sell | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Sell | Sell | Neutral |
Alligator (13; 8; 5) | Neutral | Sell | Buy |
SAR (0.02; 0.2) | Buy | Sell | Sell |
Aggregate | ⇘ | ⇘ | ⇒ |
The American Dollar is trading against the Canadian Dollar in an ascending triangle. Formation of this continuation pattern began after a sharp depreciation of the Greenback on June 12. The final confirmation of the existence of this figure happened in the end of the previous trading day when the pair reached the weekly PP at 1.3283. From a technical perspective, the breakout should occur in the upward direction. However, an hourly chart reveals that the first attempt of the pair to do that failed as it did not succeed to break through the above resistance level. Such outcome suggests that the rate might go down one more time, before making a new attempt to leave the pattern. The CCI supports this scenario, indicating that the rate is overbought. However, it should be noted that release of data on the US crude oil inventories might shake the pair in an unexpected way.